Homework Answers
Journal entry
| No | account and explanation | debit | credit |
| a | Cash | 10400 | |
| Sales revenue | 10000 | ||
| Sales tax payable | 400 | ||
| (To record sales) | |||
| b | Cost of goods sold | 5000 | |
| Inventory | 5000 | ||
| (To record cost of sales) | |||
| c | Unearned service revenue | 50000 | |
| Service revenue | 50000 | ||
| (To record service revenue) | |||
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Listed below are a few transactions and events of Piper Company. 1. Piper Company records a...
Chapter 09 Homework i Saved Listed below are a few transactions and events of Piper Company....
Chapter 09 Homework i Saved Listed below are a few transactions and events of Piper Company. 1. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%. 2. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue. points Prepare any necessary adjusting entries at December 31 for Piper Company's year-end financial statements for each of the above separate...
Exercise 15-12 Securities transactions; equity method LO P4 Listed below are a few events and transactions...
Exercise 15-12 Securities transactions; equity method LO P4 Listed below are a few events and transactions of Kodax Company 2017 Jan. 2 Purchased 34,000 shares of Grecco Co. common stock for $421,000 cash plus a broker's fee of $4,300 cash. Grecco has 85,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodex. Sept. 1 Crecco declared and paid a cash dividend of $2.80 per share. Dec. 31 Grecco announced that net incone for the year...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 37 employees qualify for one vacation day each. Their average daily wage is $130 per employee. 2. During December, Maxum Company sold 3,000 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 9% of the units to need warranty repairs, and it estimates the...
Help Save & Exit Submit Check my work The following events occurred for Favata Company: a....
Help Save & Exit Submit Check my work The following events occurred for Favata Company: a. Received $13,500 cash from owners and issued stock to them. b. Borrowed $10,500 cash from a bank and signed a note due later this year. c. Bought and received $1,150 of equipment on account d. Purchased land for $19,000; paid $1,700 in cash and signed a long-term note for $17,300. e. Purchased $6,500 of equipment: paid $1,700 In cash and charged the rest on...
Help Save & E Following are the transactions of a new company called Pose-for-Pics. Aug. 1...
Help Save & E Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $11,250 cash and 548,375 of photography equipment in the company in exchange for common stock. 2 The company paid $4,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,138 cash. 20 The company received 53,350 cash in photography fees earned. 31 The company paid $875 cash for August utilities. Prepare...
Jameson Corporation was organized on May 1. The following events occurred during the first month. Received...
Jameson Corporation was organized on May 1. The following events
occurred during the first month.
Received $71,000 cash from the five investors who organized
Jameson Corporation. Each investor received 109 shares of $10 par
value common stock.
Ordered store fixtures costing $14,000.
Borrowed $11,000 cash and signed a note due in two years.
Purchased $15,000 of equipment, paying $1,400 in cash and
signing a six-month note for the balance.
Lent $2,000 to an employee who signed a note to repay...
At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit...
At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $944,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $472 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. 9:13 View transaction list ak Journal entry worksheet < 2...
The following events occurred for Johnson Company: Received investment of cash by organizers and distributed to...
The following events occurred for Johnson Company:
Received investment of cash by organizers and distributed to
them 1,090 shares of $1 par value common stock with a market price
of $25 per share.
Purchased $7,800 of equipment, paying $1,400 in cash and owing
the rest on accounts payable to the manufacturer.
Borrowed $15,000 cash from a bank.
Loaned $1,100 to an employee who signed a note.
Purchased $20,000 of land; paid $4,000 in cash and signed a
note for the...
Exercise 15-7 Sales-type lease with no selling profit; lessor [LO15-2] Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchase...
Exercise 15-7 Sales-type lease with no selling profit; lessor [LO15-2] Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $110,623. (EV of $1. PV of S1. FVA of $1, PVA of $1. EVAD of $1 and PVAD of $) (Use appropriate factor(s) from the tables provided.) Related Information Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also...
q8 On January 1, Wei company begins the accounting period with a $43,000 credit balance in...
q8
On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company that had previously been written off in part a....
Chapter 09 Homework i Saved Listed below are a few transactions and events of Piper Company. 1. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%. 2. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue. points Prepare any necessary adjusting entries at December 31 for Piper Company's year-end financial statements for each of the above separate...
Exercise 15-12 Securities transactions; equity method LO P4 Listed below are a few events and transactions of Kodax Company 2017 Jan. 2 Purchased 34,000 shares of Grecco Co. common stock for $421,000 cash plus a broker's fee of $4,300 cash. Grecco has 85,000 shares of common stock outstanding, and its policies will be significantly influenced by Kodex. Sept. 1 Crecco declared and paid a cash dividend of $2.80 per share. Dec. 31 Grecco announced that net incone for the year...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 37 employees qualify for one vacation day each. Their average daily wage is $130 per employee. 2. During December, Maxum Company sold 3,000 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 9% of the units to need warranty repairs, and it estimates the...
Help Save & Exit Submit Check my work The following events occurred for Favata Company: a. Received $13,500 cash from owners and issued stock to them. b. Borrowed $10,500 cash from a bank and signed a note due later this year. c. Bought and received $1,150 of equipment on account d. Purchased land for $19,000; paid $1,700 in cash and signed a long-term note for $17,300. e. Purchased $6,500 of equipment: paid $1,700 In cash and charged the rest on...
Help Save & E Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $11,250 cash and 548,375 of photography equipment in the company in exchange for common stock. 2 The company paid $4,000 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,138 cash. 20 The company received 53,350 cash in photography fees earned. 31 The company paid $875 cash for August utilities. Prepare...
Jameson Corporation was organized on May 1. The following events
occurred during the first month.
Received $71,000 cash from the five investors who organized
Jameson Corporation. Each investor received 109 shares of $10 par
value common stock.
Ordered store fixtures costing $14,000.
Borrowed $11,000 cash and signed a note due in two years.
Purchased $15,000 of equipment, paying $1,400 in cash and
signing a six-month note for the balance.
Lent $2,000 to an employee who signed a note to repay...
At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $944,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $472 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. 9:13 View transaction list ak Journal entry worksheet < 2...
The following events occurred for Johnson Company:
Received investment of cash by organizers and distributed to
them 1,090 shares of $1 par value common stock with a market price
of $25 per share.
Purchased $7,800 of equipment, paying $1,400 in cash and owing
the rest on accounts payable to the manufacturer.
Borrowed $15,000 cash from a bank.
Loaned $1,100 to an employee who signed a note.
Purchased $20,000 of land; paid $4,000 in cash and signed a
note for the...
Exercise 15-7 Sales-type lease with no selling profit; lessor [LO15-2] Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $110,623. (EV of $1. PV of S1. FVA of $1, PVA of $1. EVAD of $1 and PVAD of $) (Use appropriate factor(s) from the tables provided.) Related Information Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also...
q8
On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company that had previously been written off in part a....
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